GM energises China line-up with electric micro car
When 32-year-old photographer Jaco Xu needed a run-around car for work in the eastern city of Hangzhou, the price tag on the latest micro EV from GM's China joint venture overcame his qualms about electric vehicles.
popular Model 3.The venture plans to expand manufacturing capabilities of the new model, turning out cars at its plant in Liuzhou as well as its existing facilities in Qingdao, said Zhou Xing, SGMW’s branding and marketing director.“We positioned this model as a ‘people’s commuting tool’,” he said, speaking ahead of the Beijing auto show which starts on Saturday. “Customers can drive their cars to work every day.”
The target market includes people like Xu who are looking for a city-run around as a second car, rural buyers who want a vehicle to move goods and young first-time buyers who are motivated by price.NEW SEGMENTTotal sales of new energy vehicles -- including electric, plug-in hybrid and hydrogen fuel-cell vehicles -- are expected to reach 1.1 million vehicles in China this year, about 5% of total auto sales.
The micro car represents a shift in what typifies a mainstream electric vehicle, as policymakers push for increased EV production and sales have been bolstered by restrictions on petrol-fuelled cars.In response to government requirements to win generous EV subsidies, automakers over the past decade have developed higher energy-density battery systems to allow cars to drive for longer with a single charge.
Tesla’s Model 3, which has a range of over 400 km, has been the market leader in China for most of 2020, retailing for about $43,000, about 10 times the cost of the Wuling MINI.However, China cut subsidies heavily in 2019 and is now asking for higher EV power efficiency to save energy. Automakers, in turn, are planning more smaller EVs with a moderate driving range aimed at customers who can charge cars easily, industry executives said.
The economics are skinny. Wuling MINI will not get EV subsidies due to its short range. For SGMW, the cheap price tag means it makes very little money at best, according to insiders familiar with the matter.EVs, however, generate green credits for SGMW that can be used to offset negative credits of other companies like SGM, its sister venture which is expanding a lineup of bigger SUVs under Buick, Chevrolet and Cadillac marques.
“Selling micro EVs in China makes more sense this year,” said a product planning official at a GM rival.“Subsidies have become a less important factor of pricing as government has already cut a lot, while green credits are expected to become more expensive,” the official said.
MICRO FOCUSBidding to reverse a sales decline due to a slower economy and stiff competition, GM expects EVs to make up more than 40% of its new launches in China over the next five years.The Detroit automaker is revamping plants in Shanghai, Wuhan and Liuzhou under its two Chinese JVs to enable production lines making gasoline cars to turn out EVs, public documents detailing its constructions plans show.
Obama blasts Trump's tweets, track record in 2020 campaign trail debut
Former President Barack Obama returned to the campaign trail on Wednesday with a blistering attack on Donald Trump with less than two weeks to go before the Republican president's Election Day face-off with Democratic nominee Joe Biden.
Travis Scott’s Cactus Jack GM, Warner Chappell A&R Dynamos Among Music’s New LeadersEvery year Variety seeks to identify the next generation of leaders in the entertainment business who represent the creative community of film, TV, music and the digital space. The 2020 music indus…
ByteDance asks China for approval to export TikTok technology: report - Business InsiderBusiness Insider is a fast-growing business site with deep financial, media, tech, and other industry verticals. Launched in 2007, the site is now the largest business news site on the web. I still think the smart kids are going to be pissed at Trump for messing with their TikTok. Export TikTok's technology, America had better check that tech better than the flowers imported into America containing an invasive worm species that kills America's earth worms. I've seen them inside the flowers from Lowe's in Lafayette, Louisiana.
Nvidia's acquisition of Arm could be a 'nightmare' for China, CLSA saysChina wants to avoid the 'nightmare' of an American company owning Arm, which would open the door to possible intervention by the U.S. government to limit China's access to technology, said Sebastian Hou of CLSA. China will just manufacture their own chips which will be a nightmare for Nvidia and Arm.
Singapore's Wilmar unit to raise $2 billion in China IPOSingapore agribusiness Wilmar International said on Thursday its China business, Yihai Kerry Arawana (YKA), was set to raise 13.9 billion yuan ($2.06 billion) in its proposed initial pubic offering. Wow, look at Wilmar's sweet digs
U.S. calls video showing China bomb U.S. air base 'attempt to coerce, intimidate''Maintaining the safety of our personnel and resources, as well as our allies and regional partners, is of the utmost importance and we remain committed to ensuring a free and open Indo-Pacific for all nations,' Pacific Air Forces told Newsweek. The US is even losing its military advantage. Check. Hollywood has been making this kind of videos for years. Guess they have learned. When liberals take over our government, China is going to destroy the US. The USA won’t have a military worth anything against China, when Liberals are in charge. Our country is destined to be obliterated ... when Liberals are in charge ❄️
Mainland China reports seven new COVID-19 cases vs. 10 a day earlierMainland China reported seven new COVID-19 cases on Sept. 23, down from 10 reported a day earlier, the country's national health authority said on Thursday. 1.43 BILLION HUMANS 🤔. THX for 🤣the 🤣 update They must've been eating lots of soup Sounds legit